Apple CEO Tim Cook told Wall Street analysts that 5G wireless networking technology is still in the "early innings," and sidestepped any questions on a potential 5G iPhone.
His comments came on Apple's earnings call, in the wake of announcing a blockbuster quarter that far surpassed analyst estimates.
5G networks are still scarce even in the United States, but major smartphone makers like Samsung, Huawei, and LG have already launched phones that support the next-generation wireless network.
Cook's remarks come as Apple has been widely expected to launch a 5G iPhone in the fall.
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Rivals like Samsung, Huawei, and Motorola are already selling 5G-enabled smartphones, but Apple CEO Tim Cook believes the next-generation wireless network is still in its early days — and sidestepped any questions about a potential 5G iPhone.
"With respect to 5G, we're in the early innings of its deployment on a global basis," Cook said in response to an analyst question about Apple's potential plans to bring 5G connectivity to future iPhones.
Cook's comments during the company's fiscal first-quarter earnings call comes as Apple has been widely rumored to be developing 5G iPhones for a September launch, as reports from Bloomberg and TF International Securities analyst Ming-Chi Kuo have indicated.
However, Cook declined to comment on the company's plans for 5G, except to insinuate that the slow pace in the United States of the rollout of the technology may be a cause for concern at Apple.
"I think it's important when you think about 5G to look around the world at the different deployment schedules," he said. "Some of them look very different than what you might be seeing here. That's very important."
The term "5G" has been a buzzword for years, but 2019 was the year that many smartphone makers and wireless carriers began more widely implementing the technology. Samsung's flagship smartphone, the Galaxy S10, is available in a 5G variant, for example. Android phone makers like OnePlus, Motorola, and LG also sell 5G-enabled devices.
But even in the United States, 5G coverage is fairly limited. Verizon's 5G network is only currently available in 31 cities, for example. AT&T launched its consumer 5G network in just five cities in December, as The Verge notes, although it said it would soon be deploying the network in an additional 10 cities.
Apple posted record-breaking results on Tuesday during its fiscal first quarter earnings report, as holiday sales of the iPhone and Apple's wearables resulted in a 9% increase in revenue. Apple's iPhone revenue also returned to growth following four consecutive quarters of year-over-year declines, largely driven by the iPhone 11 lineup. SEE ALSO: Apple is under pressure to kill the iPhone's Lightning charger — but here's why that probably won't happen anytime soon
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Apple reported quarterly earnings that blew away Wall Street expectations on Tuesday.
Six years ago to the day, a pre-presidential Donald Trump said on Twitter that he sold his Apple shares, complaining about the fact that the company at the time didn't sell an iPhone with a smaller screen.
Assuming Apple's post-earnings stock gains holds through the open of the markets on Wednesday, its price will have gone up 356% from the day of Trump's tweet in 2014.
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Apple's stock price has surged to unprecedented heights of late, and Tuesday's earnings blowout looks likely to keep its shares rallying.
The iPhone maker has climbed from strength to strength over the past six years. That's especially the case over the past year: Apple shares have climbed 103% in the last 12 months, and are up more than 7% in January alone.
One telling sign of Apple's impressive growth over the past few years is a tweet from Donald Trump, back in the days before his presidency. Exactly six years ago, Trump took a bearish view of Apple's stock, and said he'd sold his shares in the company.
His reason: the iPhone did not offer a large screen size at the time.
I predicted Apple's stock fall based on their dumb refusal to give the option of a larger iPhone screen like Samsung. I sold my Apple stock — Donald J. Trump (@realDonaldTrump) January 28, 2014
Apple's stock fell as much as 8% in after hours trading on that day in 2014, following Apple's quarterly earnings results.
We have no idea when Trump purchased his Apple shares and what his cost basis was, but it's possible that he made a smart trade — in the short term.
Of course, had Trump taken a longer term view and held on to his Apple stock, the president would now be holding an asset worth considerably more. Assuming that Tuesday's post-earnings bump in Apple shares holds through the open of the markets on Wednesday, Apple stock price will have increased by 356% since the day of Trump's 2014 tweet, when Apple shares closed at $70.77 (adjusted for dividends and splits).
Take a look at Apple's stock rally over the years:
Closer ties between Apple and Trump
When Apple announced a larger screen size in the next iteration of its iPhone back in 2014, Trump took the credit for that decision. "I'll bet if I didn't harass Apple for the last 2 years about the large screen iPhone, they wouldn't have done it—but it bends & breaks!" he tweeted.
In the years since, the company has continued to feature in the president's tweets. Just this October, President Trump tweeted a complaint against the iPhone's Swipe feature just this October. "To Tim: The Button on the IPhone was FAR better than the Swipe!" the tweet said.
But Trump now has a closer relationship with Apple's management. As the costs of manufacturing Apple products amid a trade war with China have risen, Apple CEO Tim Cook has developed a personal rapport with the president. Cook's efforts appear to have so far had an impact - back in August, the president said he pays close attention to Cook's opinions because the famously-diplomatic CEO calls him directly. SEE ALSO: Apple blamed China's coronavirus for a 'wider-than-usual' $4 billion range in its revenue forecast. But the weird thing is, a $4 billion range is not actually unusual for Apple
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